Advice on transfer of ownership?

stdomingo

Hi,

I am wanting to transfer ownership of my mothers house to me and wondered how I go about it?

Here's my scenario:

I have a mortgaged property (3 bed)with my wife and child which has about 30% equity.
My mothers house (4/5 bed) has a small mortgage about 25% of the property value.

My mother has an incurable illness and needs to down-size, we have started a family and need to up-size although we were going to wait until we had saved enough deposit/equity and found a property. With my mothers illness however, it would benefit her sooner rather than later to down-size and my wife and I could move into her house. My siblings and I would inherit the property anyway in time. It recently occured to me that we may be able to do something a bit quicker but I'm not sure of the financial/tax liabilities this could have. Financially the property is slightly out of our reach and would stretch us to the max if it were a straight forward sale/purchase.

I am also the eldest of 3 siblings and as a family we are very close and any inheritence entitlements would be shared equally. (Having lost our father we have experienced probate and we shared our inheritence equally without conflict).

My mother's house was on the market but had little success during the economic downturn and feel that a sale would not be the best way forward due to the stress that comes with it.

Your advice would be much appreciated or has anyone had a similar experience that we can draw on?

Thanks in advance